Tax Planning

It’s widely expected that Congress will be changing the estate tax in this session. A bill hasn’t been introduced yet so we don’t know how the estate tax will be changed. However, there are two scenarios that appear to be the most likely. The first is that the estate tax exemption will be reduced from […]

The election has been decided. The Democrats now control the White House as well as the House of Representatives. While the Senate is split 50/50, the Vice President can cast a tie-breaking vote in favor of Democratic legislation. President Biden and the Democrats have campaigned on increases in the estate tax. Also, there’s a reconciliation

All sellers focus on the amount they are selling their business for and how they are going to get paid.  That makes perfect sense. However, it is rare they spend time planning for how the sale proceeds will be taxed.  This could result in a tax savings of approximately 15% and a sizeable amount of

The “Tax Cuts and Jobs Act” was approved by Congress and signed into law by President Trump right before Christmas, serving as the most drastic change to the Internal Revenue Code in recent memory. So as we focus in on fulfilling our New Year’s resolutions and trying to keep our heads above the snow here

IRS issues more guidance on the retroactive effect of the Supreme Court’s decision in Windsor. In U.S. v. Windsor (2013) the U.S. Supreme Court held that the Federal Defense of Marriage Act (“DOMA”) is unconstitutional. Exactly how the IRS would implement this reversal of law was left to future pronouncements by the IRS. On January

If you’re a business owner, you should be proud of it. You’re serving the needs of your customers. You’re providing jobs to your employees and may even consider them “part of your family.” You may also be “giving back” to your community in a number of ways. Your company contributes in so many ways to